Eastern Asia: Market for Drive-Axles with Differential and Non-Driving Axles 2024

Market Size for Drive-Axles with Differential and Non-Driving Axles in Eastern Asia

In 2021, the East Asian driving and non-driving axle market decreased by -5.8% to $X for the first time since 2016, thus ending a four-year rising trend. The total consumption indicated a resilient expansion from 2012 to 2021: its value increased at an average annual rate of +7.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +30.4% against 2015 indices. Over the period under review, the market hit record highs at $X in 2020, and then shrank in the following year.

Production of Drive-Axles with Differential and Non-Driving Axles in Eastern Asia

In value terms, driving and non-driving axle production declined slightly to $X in 2021 estimated in export price. The total production indicated a prominent increase from 2012 to 2021: its value increased at an average annual rate of +7.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +28.4% against 2015 indices. The most prominent rate of growth was recorded in 2015 when the production volume increased by 18%. The level of production peaked at $X in 2020, and then declined in the following year.

Exports of Drive-Axles with Differential and Non-Driving Axles

Exports in Eastern Asia

In 2021, overseas shipments of drive-axles with differential and non-driving axles were finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. Total exports indicated a strong increase from 2012 to 2021: its volume increased at an average annual rate of +5.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, driving and non-driving axle exports soared to $X in 2021. The total export value increased at an average annual rate of +4.1% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

China represented the key exporting country with an export of around X tons, which reached 48% of total exports. South Korea (X tons) took a 26% share (based on physical terms) of total exports, which put it in second place, followed by Japan (25%).

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by South Korea (with a CAGR of +12.8%), while the other leaders experienced mixed trends in the exports figures.

In value terms, Japan ($X), China ($X) and South Korea ($X) appeared to be the countries with the highest levels of exports in 2021, with a combined 99% share of total exports.

South Korea, with a CAGR of +14.6%, recorded the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

In 2021, the export price in Eastern Asia amounted to $X per ton, increasing by 1.6% against the previous year. Over the period under review, the export price, however, saw a mild decrease. The most prominent rate of growth was recorded in 2014 an increase of 9.5% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2015 to 2021, the export prices failed to regain momentum.

Prices varied noticeably country of origin: the country with the highest price was Japan ($X per ton), while China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+1.8%), while the other leaders experienced mixed trends in the export price figures.

Imports of Drive-Axles with Differential and Non-Driving Axles

Imports in Eastern Asia

In 2021, overseas purchases of drive-axles with differential and non-driving axles were finally on the rise to reach X tons after two years of decline. The total import volume increased at an average annual rate of +4.0% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, driving and non-driving axle imports surged to $X in 2021. The total import value increased at an average annual rate of +5.8% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

China represented the main importing country with an import of around X tons, which resulted at 49% of total imports. Japan (X tons) ranks second in terms of the total imports with a 24% share, followed by South Korea (17%) and Taiwan (Chinese) (10%).

Imports into China increased at an average annual rate of +4.9% from 2012 to 2021. At the same time, South Korea (+10.7%) and Japan (+1.4%) displayed positive paces of growth. Moreover, South Korea emerged as the fastest-growing importer imported in Eastern Asia, with a CAGR of +10.7% from 2012-2021. Taiwan (Chinese) experienced a relatively flat trend pattern. South Korea (+7.2 p.p.) and China (+3.7 p.p.) significantly strengthened its position in terms of the total imports, while Taiwan (Chinese) and Japan saw its share reduced by -4.4% and -6% from 2012 to 2021, respectively.

In value terms, China ($X) constitutes the largest market for imported drive-axles with differential and non-driving axles in Eastern Asia, comprising 63% of total imports. The second position in the ranking was held by Japan ($X), with a 15% share of total imports. It was followed by South Korea, with a 14% share.

In China, driving and non-driving axle imports expanded at an average annual rate of +6.8% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Japan (+2.5% per year) and South Korea (+13.0% per year).

Import Prices by Country

The import price in Eastern Asia stood at $X per ton in 2021, rising by 2.5% against the previous year. Over the last nine years, it increased at an average annual rate of +1.7%. The growth pace was the most rapid in 2016 when the import price increased by 19%. Over the period under review, import prices reached the maximum in 2021 and is expected to retain growth in the near future.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was China ($X per ton), while Japan ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+2.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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